As in almost all the countries that made up the European Union before its recent amplification to 25 members, the Spanish currency is the euro, which came into use on 1 March, 2002.

Euro coinage is the 1, 2, 5, 10 and 20-cent piece, and the 1 and 2-euro piece. The 1, 2 and 5-cent coins are copper coloured, while the 10, 20 and 50-cent coins are gold coloured. The 1-euro coin is silver-coloured with a gold-coloured border, and the other two euro coins are the same as the I-euro coin in reverse, which means that the coin is gold coloured with a silver coloured border.

The size of each coin corresponds to its value, the smallest being the 1-cent coin and the largest being the 2-euro coin.

The so-called ‘low denomination’ euro notes are the 5, 10 and 20-euros notes, and they are grey, red and blue, respectively. The ‘high denomination’ notes are the 50, 100, 200 and 500-euro notes, and they are orange, green, yellow and wine coloured, respectively. As in the coins, the sizes vary according to value, the smallest being the 5-euro note and the largest being the 500-euro note. 

All the coins are in everyday use, although the 1 and 2-euro piece, given the tendency to round off prices, is seen less and less these days. The notes most used are the 5, 10, 20 and 50-euro note, while one seldom sees a 100, 200 or 500-euro note in circulation. For ordinary shopping, it is best not to use anything higher than a 50-euro note, those of a higher value best changed beforehand in banks.

Foreign currency exchange is normally done in banks or ‘cajas de ahorros,’ which are savings banks, but there are usually authorised exchange offices in important tourist areas that are open outside banking hours. Hotels, travel agencies and some large department stores will also change currency, although they generally charge a few cents more in commission than banks.
En líneas generales, no es habitual que los establecimientos acepten moneda extranjera, excepción hecha de los que se ubican en localidades turísticamente muy activas, como casi todas las de la Costa del Sol, pero aun así, es aconsejable efectuar los pagos en moneda local.

Shops do not normally accept foreign currency, except in some specific tourist areas like the Costa del Sol, but it is still advisable to pay in euros.

 There are a large number of banks in Spain, making the exchange of foreign currency, or indeed any other banking operation, easy and efficient. There are as many, if not more, ATM machines as banks, and they take all types of credit cards, making it very easy for tourists to have instant access to cash.

Banks are open to the public from 8.30 a.m. to 2 p.m. every day except Sundays and bank holidays, although they close on Saturdays from May to September. The savings banks (cajas de ahorros) are open every day until 2.30 p.m., and never open on Saturdays.